Nigeria’s federal government has just approved an increment in the national minimum wage to N30,000 approximately USD98 based on the current exchange rate. The new minimum wage was agreed at after series of negotiations and threats of strike actions by the labour union. The latest development is also very significant […]
Policy
Egmont Group lifts suspension on Nigeria
The Egmont Group has confirmed the lifting of the suspension of Nigeria from the group’s membership. Egmont Group is a body of the sovereign financial intelligence units in 155 Financial Intelligence Units (FIUs). The Egmont Group provides a platform for the secure exchange of expertise and financial intelligence to combat […]
Here are the microfinance banks CBN wants to shut down
The Nigerian Central Bank said it will revoke the licenses of microfinance banks and finance companies for various reasons. The apex bank said in a detailed list that the license revocation will affect 154 microfinance banks, six private money banks as well as 22 finance companies. See the link to […]
Nigeria’s finance minister, Kemi Adeosun resigns
There are official reports that Nigeria’s finance minister, Kemi Adeosun, has tendered her resignation from President Muhammadu Buhari’s cabinet. Kemi Adeosun has been in the eye of the storm for an alleged forgery of her National Youth Service Corps certificate. Since the controversy started, Adeosun has not commented on the […]
Nigerian Central Bank adds $210 million into the inter bank market
The Nigerian Central Bank Nigeria’s central bank said it has injected $210 million into the interbank foreign exchange market, extending efforts to boost liquidity and alleviate dollar shortages. The apex bank said in a statement it had released $100 million earmarked for the wholesale market, $55 million for small businesses […]
Nigeria’s economy growth falls to 1.50% in Q2
Latest data from Nigeria’s official statistics office says the country’s gross domestic data falls to 1.50% in the second quarter of the year. The data from the NBS shows that growth in the second quarter of 2018 was –0.45% points slower than 1.95% recorded in the first quarter of 2018. […]
Nigeria’s central bank posts N400 billion operating income in 2017
The Central Bank of Nigeria, CBN, said it recorded N400.46 billion as net operating income for the full year 2017. The result showed a 38.8 percent decrease below the N654.87 recorded in 2016. The decrease in net operating income was as a result of fair value loss on financial instruments. […]
Nigeria’s inflation fell to 11.14% in July
The statistics office of Africa’s largest economy, the National Bureau of Statistics that inflation in the month of July fell to 11.14 percent (year-on-year) in July 2018. The NBS said the data is 0.09 percent points less than the rate recorded in June 2018 (11.23) percent and represents an eighteenth […]
Why the NSE suspends trading of Conoil
The Nigerian Stock Exchange, NSE said it has suspended trading in the shares of Conoil PLc. The NSE said in a statement that: Dealing members are hereby notified that pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange, which provides that; […]
Bank of Ghana takes over five banks
Ghana’s Central Bank, The Bank of Ghana said it has withdrawn the operating licenses of five lenders to prevent them from imminent collapse. The apex bank said the banks affected by the action are uniBank Ghana Limited, The Royal Bank Limited, Beige Bank Limited, Sovereign Bank Limited, and Construction Bank […]